Economy to grow 6-6.8% in FY24: Eco Survey

NEW DELHI,

Jan 31

(PTI): India’s economy is projected to slow to 6-6.8 per cent in the fiscal year starting April - still remaining the fastest growing major economy in the worldas extraordinary challenges facing the globe will likely hurt exports, the Economic Survey said on Tuesday.

The projection of India’s gross domestic product (GDP) growth is higher than the 6.1 per cent estimate of the International Monetary Fund (IMF) and compares with the survey’s estimated 7 per cent expansion in the current fiscal year (April 2022 to March 2023) and 8.7 per cent in the previous year.

The survey that details the state of the economy was tabled in Parliament by Finance Minister Nirmala Sitharaman a day before she presents Union Budget 2023-24. “At least three shocks have hit the global economy since 2020,” the

ECI issues notification for Assembly polls

DIMAPUR, JAN 31 report, prepared by Chief Economic Adviser V Anantha Nageswaran, said.

(NPN): Election Commission of India (ECI) on Tuesday formally issued notification for the 14th Assembly election to 60 constituencies in Nagaland.

Accordingly, election will be held on February 27 and the results will be declared on March 2.

February 7 has been fixed as the last date for filing nominations, while scrutiny of nominations will take place on February 8 and the last date for withdrawal of candidature is February 10. The polls will be conducted from 7 am to 4 pm on February 27, and the election shall be completed on March 4.

Meanwhile, in accordance with the provisions of clause (1) of Article 172 of the Constitution, the existing Nagaland Legislative Assembly will continue up to and including March 12, unless sooner dissolved, and shall thereafter stand dissolved on the expiration of its duration.

Further, as recommended by ECI in pursuance of sub-Section (2) of Sec 15 of the Representation of the People Act, 1951 (43 of 1951), the governor called upon all Assembly constituencies in the State to elect members to the Legislative Assembly.

No nomination filed on day-1: No candidate has filed papers on the first day of filing of nominations for February 27 election.

Starting with the pandemic-induced contraction of the global output, the Russian-Ukraine conflict last year led to a worldwide surge in inflation. And then, central banks across econo- mies led by the US Federal Reserve responded with synchronised policy rate hikes to curb inflation.

The rate hike by the US Fed drove capital into the US markets causing the US dollar to appreciate against most currencies. This led to the widening of the Current Account Deficits (CAD) and increased inflationary pressures in net importing economies like India.

“The Indian economy, however, appears to have moved on after its encounter with the pandemic, staging a full recovery in FY22 (April 2021 to March 2022) ahead of many nations and positioning itself to ascend to the pre-pandemic growth path in FY23.

“Yet in the current year, India has also faced the challenge of reining in inflation that the European strife accentuated,” the survey said.

However, the challenge of the depreciating rupee, although better performing than most other currencies, persists with the likelihood of further increases in policy rates by the US Fed.

The widening of the CAD may also continue as global commodity prices

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Political parties get into huddle for finalizing candidates, seat distribution

remain elevated and the growth momentum of the Indian economy remains strong, it said.

The survey stated that the inflation projection by RBI at 6.8 per cent for current fiscal (FY23) is above the central bank’s tolerance limit but the pace of price increase is not high enough to deter private consumption or low enough to weaken investment.

According to the survey, the pressure on the Indian rupee could continue due to the tightening of monetary policy.

On exports, it said the growth moderated in the second half of current fiscal year. Slowing world growth, shrinking global trade led to loss of export stimulus in the second half of the current year.

A slowdown in global growth will likely push down global commodity prices and improve India’s CAD in FY24.

Correspondent

KOHIMA, JAN 31 (NPN):

Following the issuance of notification for Assembly election by Election Commission of India on Tuesday, major political parties will distribute tickets to the intending candidates within this week.

BJP: The BJP, which will be contesting 20 seats as per seat sharing agreement with NDPP (40 seats), will finalise its list of candidates on Wednesday at New Delhi and distribute tickets later this week.

According to sources, out of 12 sitting BJP legislators, 11 will be issued the tickets while nine will be given to mostly new faces, including a woman.

It has been widely speculated that the BJP tickets were finalized as (districtwise)-- Mon- 3, Tuensang2, Longleng- 1, Kiphire- 1, Noklak- 1, Mokokchung- 3,

Zunheboto- 3, Dimapur- 2, Wokha- 3 and Kohima- 1.

NDPP: With 44 legislators (now 43 after the demise of Dr. Imtiwapang Aier) including others vying for 40 seats, the NDPP has come under immense pressure from ticket aspirants.

Sources said that the party, which will be contesting in 40 seats, will have to take a tough call and may also refuse ticket to some sitting MLAs. The NDPP will be distributing the party tickets on February 2 at Kohima.

NPF: On the other hand, NPF will distribute tickets on February 3. But, while the demand for tickets was pouring in, NPF Legislature Party leader Kuzholuzo (Azo) Nienu informed Nagaland Post that ticket allotment had not been finalised yet.

Azo said that though applications have been pouring in from aspirants,